Multi-exchange perpetual funding-rate matrix — long/short crowdedness.
Multi-exchange perpetual funding-rate matrix — long/short crowdedness.
Rows = symbols (BTC-PERP, ETH-PERP, SOL-PERP, etc.). Columns = exchanges (Binance, Bybit, OKX, Hyperliquid). Cell = current funding rate, coloured by sign (positive = longs paying = crowded long).
Top-right hero chip: median funding rate annualised. > 30% APR = longs heavily crowded; squeeze risk to the downside. Negative APR > 10% = shorts crowded; squeeze risk to the upside. The contrarian signal works here more than in any other market.
When one exchange's funding diverges from the median by > 5bp / 8h, basis-trade arb is available. Open a perp on the high-funding side, short on the low-funding side, collect the differential less fees + slippage. Microstructure opportunity.
Type PEG. Sustained negative funding + de-pegging stablecoins = forced-deleveraging in progress. Sustained positive funding + stable pegs = healthy speculation. The combination tells you whether crypto is melting up or melting down.
PEG